Another "what are the chances?" thread

FTBNow

Hi all,

Apologies for the thread asking - yet another - what are the chances question!

Myself and my partner have got an AIP with Santander, ready to proceed to full application after finding a new home. He has a completely clear credit history, however I have two adversaries on my credit file - two late payments on finance for an iPad and for a Very account. They were paid but late and show up as a "1" - these were in April and July of last year respectively. These are now both closed or inactive.

My only debts now are car finance, a student loan and my work laptop. All of these are paid on time with no missed payments. In fact, my credit file shows 18 accounts all of which are flawless except for these two: I even have a current account and credit card with Santander where I have never paid late, missed a payment and so on.

Both of these late payments were admin errors, and were paid as soon as I got a letter or e-mail notifying me.

I'm rated as a "3 star" on checkmyfile.com, and as I said my partner has absolutely no bad credit at all. We have never defaulted, CCJ'ed and so on.

We earn about £3,100 after tax and deductions together and we're putting down 5% on a mortgage looking to borrow £152,000.

Will these two late payments count against me? One is now 12 months old and there's just one other. I know Santander are a picky lender but we both bank with them with clean accounts. Even if Santander dismiss us, will it be difficult for us to secure a mortgage in these circumstances?

Thank you all for any advice given :beer:

Alarae

We have had our mortgage offer with Santander a few weeks ago, at near max affordability with a second zero hour job thrown into the mix.

I had a £5 late payment with Very as well (forgetfulness!) which was 12 months old at the time of application. They never even queried it. They were focused on other complexities.

If you bank with them and they can see you have good banking conduct and other than those two blips are basically flawless, I don't see why you should have a problem. Obviously it depends on affordability and the lender's view at the end of the day, but if they were not massive late payments it hopefully won't impact you

FTBNow

Thank you for the reply Alarae!

I think my payment to Very was £5 also and the one for the iPad was about £17 - nothing expensive but still both show up as a "1" and an adversary which terrified me! My credit score is also "fair" on all but ClearScore where it is "good" but I know these things mean next to nothing.

in terms of affordability: my debts amount to £390 of my monthly income which is £1,565, so hopefully they won't pose too many problems...

It's just all very worrying but I guess nobody is perfect when it comes to credit.

FTBNow

Hi folks,

So we're currently waiting to hear back from the full application. Santander have made a huge dent in my score (36 points!) and also the property valuation was completed yesterday and returned today.

Our MA has been in touch to say they're now carrying out the final assessments with the underwriter and we'll hopefully receive an offer Wednesday/Thursday next week if everything is satisfied.

What is involved in a final assessment? Am I right in thinking it's simply cross-referencing pay slips/bank statements and looking over the valuation? I'm assuming we wouldn't have gotten this far if we'd failed the credit score.

Sorry for the constant worrying!!

FTBNow

According to the tracker it went to the underwriters on the 27/04, so am I right to think the majority has already been done and it is just a case of looking at the valuation?